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stone and frazier decided to terminate the woodwest partnership as of december 31 on 625407

Stone and Frazier decided to terminate the Woodwest Partnership as of December 31. On that date, Woodwest’s balance sheet was as follows:

Cash

$2,000

Land (adjusted basis)

2,000

Capital—Stone

3,000

Capital—Frazier

1,000

The fair market value of the equipment was $3,000. Frazier’s outside basis in the partnership was $1,200. Upon liquidation, Frazier received $1,500 in cash. What gain should Frazier recognize?

  1. $0
  2. $250
  3. $300
  4. $500

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